By Dhirendra Tripathi
Investing.com – Rivian stock (NASDAQ: RIVN ) fell 9% Wednesday as traders booked profits after a post-IPO rally made it the fourth most valuable carmaker.
At its peak Tuesday, the company commanded a market cap of $160 billion, putting it behind only Tesla (NASDAQ: TSLA ), Toyota (NYSE: TM ) and Volkswagen (OTC: VWAPY ), and just $10 billion short of General Motors (NYSE: GM ) and Ford (NYSE: F ) combined. Ford and Amazon are among Rivian's shareholders.
The stock closed up 15% on Tuesday.
The EV-maker, which has yet to sell a single vehicle, debuted on the Nasdaq on November 11. The issue price was set at $78 and the company was valued at almost $86 billion at the end of its first day as a listed company.
The global auto industry has sharply pivoted to electric vehicles in recent years as awareness of climate change took center stage and world opinion turned against the use of fossil fuels.
U.N. climate talks in Glasgow, Scotland, concluded Saturday with a deal that targeted fossil fuels as the key driver of global warming. While there was a consensus on reducing fuel subsidies, ways to achieve it and fund the poor countries to ensure their transition to greener technologies remained elusive.
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